{"id":1444804,"date":"2022-04-18T18:15:20","date_gmt":"2022-04-18T22:15:20","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1444804"},"modified":"2022-04-18T18:15:29","modified_gmt":"2022-04-18T22:15:29","slug":"exclusive-alfredo-ortiz-protect-taxpayers-and-the-economy-by-making-the-tax-cuts-and-jobs-act-permanent","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/exclusive-alfredo-ortiz-protect-taxpayers-and-the-economy-by-making-the-tax-cuts-and-jobs-act-permanent\/","title":{"rendered":"Exclusive\u2014Alfredo Ortiz: Protect Taxpayers and the Economy by Making the Tax Cuts and Jobs Act Permanent"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">32<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fexclusive-alfredo-ortiz-protect-taxpayers-and-the-economy-by-making-the-tax-cuts-and-jobs-act-permanent%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1444804&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p class=\"subheading\">Monday is Tax Day, the deadline for Americans to file their 2021 tax returns. While filing taxes is painful, especially for small businesses, it could get a lot worse in the years to come.<\/p>\n<p>President Biden\u2019s recently announced budget\u00a0<a href=\"https:\/\/www.foxbusiness.com\/politics\/biden-tax-hike-budget-request\">proposes<\/a>\u00a0raising taxes by $2.5 trillion. He\u00a0<a href=\"https:\/\/taxfoundation.org\/biden-budget-tax\/\">plans<\/a>\u00a0to hike taxes by one-third on the approximately one million small businesses structured as corporations. He also wants to raise tax rates on successful Americans and small businesses structured as pass-throughs.<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p>Biden\u2019s tax hikes would reverse the tax cuts associated with the Tax Cuts and Jobs Act (TCJA) signed into law at the end of 2017. Yet even if Biden doesn\u2019t succeed in getting his tax increases through Congress, taxpayers still face an increasing burden in the years ahead as TCJA provisions expire. Most of the TCJA provisions that have provided relief for small businesses and ordinary Americans\u00a0<a href=\"https:\/\/www.taxpolicycenter.org\/briefing-book\/how-did-tax-cuts-and-jobs-act-change-personal-taxes\">expire<\/a>\u00a0after 2025. The provision that allows immediate expensing for businesses\u00a0<a href=\"https:\/\/www.irs.gov\/newsroom\/tax-cuts-and-jobs-act-a-comparison-for-businesses#:~:text=TCJA%20temporarily%20allows%20100%25%20expensing,after%202022%20and%20expires%20Jan.\">expires<\/a>\u00a0after this year.<\/p>\n<div id=\"attachment_7875517\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-7875517\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/04\/13h7gt3.jpg\" alt=\"The Associated Press\" width=\"864\" height=\"576\" \/><\/p>\n<p class=\"wp-caption-text\">President Donald Trump holds up the Tax Cuts and Jobs Act after singing it into law in the Oval Office on December 22, 2017. (AP Photo\/Evan Vucci)<\/p>\n<\/div>\n<p>Small businesses depend on tax certainty to bring the economy and labor market back to pre-pandemic levels. Small businesses and ordinary Americans also need these tax savings to help blunt the impact of historic inflation caused by Democrats\u2019 reckless spending that\u2019s devalued the dollar. This week, the Bureau of Labor Statistics announced that consumer prices have risen by\u00a0<a href=\"https:\/\/www.cnbc.com\/2022\/04\/12\/consumer-prices-rose-8point5percent-in-march-slightly-hotter-than-expected.html\">8.5 percent<\/a>\u00a0and wholesale prices by\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-13\/u-s-producer-prices-jump-11-2-from-year-ago-most-on-record\">11.2 percent<\/a>\u00a0over the previous year. Eliminating the TCJA would compound the pain of this inflation tax.<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p>Recognizing these economic realities, federal policymakers should support making the TCJA permanent. Doing so can return the nation to the shared prosperity it enjoyed in 2018 and 2019 and bring small businesses back.<\/p>\n<p>Due to the TCJA, average families saved over\u00a0<a href=\"https:\/\/trumpwhitehouse.archives.gov\/briefings-statements\/president-donald-j-trumps-historic-tax-cuts-delivering-real-savings-creating-opportunity-americans\/\">$2,000 per year<\/a>\u00a0in taxes, money that can be reinvested in household finances and communities. TCJA provisions, including a 20 percent qualified business income deduction that\u00a0<a href=\"https:\/\/www.cnbc.com\/2019\/08\/07\/heres-how-many-people-claimed-this-new-20percent-small-business-tax-break.html\">approximately 15 million<\/a>\u00a0small businesses have taken advantage of each year, have allowed small businesses to keep more of their earnings and reinvest them into expansion, hiring, and wage increases.<\/p>\n<p>For instance,\u00a0Guy Berkebile, president of Guy Chemical Company in Central Pennsylvania, <a href=\"http:\/\/www.pagoppolicy.com\/Display\/SiteFiles\/428\/Documents\/2021\/GuyBerkebile.pdf\">used the savings<\/a> from the tax cuts to purchase new equipment, build a new lab five times larger than his old one, raise wages for employees, and hire new people from the community. He added 29 new jobs as a direct result of the tax cut savings. Due to the tax cut-induced increase in economic activity, Guy Chemical\u2019s sales increased by approximately $9 million annually.<\/p>\n<p>The tax cuts caused the economy to surge. Real GDP\u00a0<a href=\"https:\/\/www.whitehouse.gov\/wp-content\/uploads\/2021\/07\/2021-ERP.pdf\">increased<\/a>\u00a02.5 percent and 2.3 percent in 2018 and 2019, respectively, faster than any other Group of Seven nation. The\u00a0<a href=\"https:\/\/fred.stlouisfed.org\/series\/UNRATE\">unemployment rate<\/a> reached a 50-year low and a record low for\u00a0<a href=\"https:\/\/fred.stlouisfed.org\/series\/LNS14000006\">black<\/a>,\u00a0<a href=\"https:\/\/fred.stlouisfed.org\/series\/LNS14000009\">Latino<\/a>, and\u00a0<a href=\"https:\/\/fred.stlouisfed.org\/series\/LNU04032183\">Asian American<\/a>\u00a0workers. The labor force participation rate\u00a0<a href=\"https:\/\/fred.stlouisfed.org\/series\/CIVPART\">reversed<\/a>\u00a0its long decline and actually increased as the red-hot jobs market pulled Americans from all backgrounds, including ex-convicts, high-school dropouts, and those with disabilities, into the labor market.<\/p>\n<div id=\"attachment_9436657\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-9436657\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/04\/6fd79c_adp-employment-12913-chad-beutler-file-in-21-2018-file-photo-chad-beutler.jpg\" alt=\"The Associated Press\" width=\"864\" height=\"614\" \/><\/p>\n<p class=\"wp-caption-text\">Chad Beutler of First Data (right) talks with applicants at a job fair hosted by Job News South Florida in Sunrise, Florida, on June 21, 2018. (AP Photo\/Lynne Sladky)<\/p>\n<\/div>\n<p>Wages, including wages adjusted for inflation, surged. In 2019, real median income\u00a0<a href=\"https:\/\/trumpwhitehouse.archives.gov\/articles\/incomes-hit-record-high-poverty-reached-record-low-2019\/\">rose<\/a>\u00a0by a record 7.9 percent for black households, 7.1 percent for Hispanics, 10.6 percent for Asian Americans, and 5.7 percent for whites. Following TCJA, wages\u00a0<a href=\"https:\/\/gop-waysandmeans.house.gov\/three-years-of-the-tax-cuts-and-jobs-act\/\">grew<\/a>\u00a024 percent faster for Hispanics, 79 percent faster for blacks, and 95 percent faster for Asian Americans than during President Obama\u2019s second term. More than six million people were\u00a0<a href=\"https:\/\/trumpwhitehouse.archives.gov\/articles\/incomes-hit-record-high-poverty-reached-record-low-2019\/\">pulled<\/a>\u00a0from poverty, reducing the poverty rate to the lowest level in U.S. history.<\/p>\n<p>Democrats\u2019 claim that these tax cuts only benefited the rich is fiction. The TCJA\u00a0<a href=\"https:\/\/www.jobcreatorsnetwork.com\/app\/uploads\/2022\/04\/Opportunity-Hearing-Memo-4.4.2022.pdf\">provided<\/a>\u00a0a larger tax reduction for the lowest-income Americans, who received a 10 percent cut, than the top 1 percent, who received less than one-half of one percent cut. As a result, real wealth of the bottom 50 percent of households\u00a0<a href=\"https:\/\/trumpwhitehouse.archives.gov\/trump-administration-accomplishments\/\">rose<\/a>\u00a0three times faster than that of the top 1 percent, and wages rose faster for workers than managers. The TCJA made the tax code more progressive, with the rich paying a larger share of total taxes. It\u00a0<a href=\"https:\/\/www.brookings.edu\/wp-content\/uploads\/2018\/06\/es_20180608_tcja_summary_paper_final.pdf\">eliminated<\/a>\u00a0the tax liability entirely for millions of American families.<\/p>\n<p>The TCJA is vital for American small businesses and families, especially today, given the numerous other headwinds they are facing. Taxpayers deserve certainty that these tax savings will exist for many more Tax Days to come.<\/p>\n<p><em>Alfredo Ortiz is president and CEO of Job Creators Network.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Monday is Tax Day, the deadline for Americans to file their 2021 tax returns. While filing taxes is painful, especially for small businesses, it could get a lot worse in<\/p>\n","protected":false},"author":319,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1444804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1444804","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/319"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1444804"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1444804\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1444804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1444804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1444804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}